Laser Processing Global Market Report 2022: Rising Adoption of Laser-Based Manufacturing in Auto Industry Presents Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Laser Processing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Laser Processing Market to Reach $21.3 Billion by 2026
The global market for Laser Processing estimated at US$16.2 Billion in the year 2022, is projected to reach a revised size of US$21.3 Billion by 2026, registering a compounded annual growth rate (CAGR) of 7.3% over the period. China represents the largest regional market for Laser Processing, and is projected to reach US$5.3 Billion by 2026, growing at a CAGR of 9.6% over the period.
While macro processing applications include cutting, welding, drilling and marking, micro processing applications include micromachining and microfabrication of semiconductors printed circuit boards, and electronic components, among others. Laser cutting, laser welding, hybrid laser welding, laser marking, laser drilling, laser cladding, laser brazing, and laser cleaning are among the various types of laser processes. Though a variety of lasers have been developed over the years, only a few types are used in materials processing applications. Each of the laser variants differs in various terms such as beam quality and laser beam wavelength.
The growing use of solid and gas in drilling, cutting, engraving & marking applications and the escalating demand for lasers from varied end-use industry verticals is driving growth in the laser processing market. The growing demand for high quality products and increasing needs of medical and industrial applications are fueling growth in the market. In particular, medical sector offers tremendous growth potential for laser processing market, due to the need for high precision to manufacture extremely complex components for patient care devices. The growing use of laser drilling to form accurate holes in liquid and gas flow delivery devices are also spurring demand for laser processing in the medical industry. .
Driven by the rising use of lasers in surgeries and medical devices, the market for laser processing is poised to witness high growth.
In addition to the medical industry, laser processing also finds growing application in automotive, semiconductor, aerospace and electronics industries. Laser processing is widely utilized in the manufacture of electronic components and parts. The growing use of laser technology in industrial sector for a range of material processing applications including welding, cutting, engraving and drilling is poised to fuel market growth, specifically in the machine tools application market.
The rising needs of machine tools manufacturing and emerging applications in the fields of oil & gas and automotive industries are also expected to stimulate growth in the global laser processing market. For the automotive industry, laser cutting process is used in production operations due to its high processing speeds and the high quality of cutting edges. Also driving market growth is the escalating demand for wireless-enabled devices, mobile devices and telecom equipment, and growing the commercialization of laser-based photovoltaic (PV) modules with higher throughput, improved module efficiencies and reduced processing costs.
Select Competitors (Total 96 Featured)
- Amada Co, Ltd.
- Coherent, Inc.
- Epilog Laser
- Han's Laser Technology Industry Group Co., Ltd.
- IPG Photonics Corporation
- Jenoptik AG
- LaserStar Technologies Corporation
- Lumentum Operations LLC
- Spectra Physics, Inc.
- Trumpf Group
- Wuhan HGLaser Engineering Co., Ltd.
- Wuhan Raycus Fiber Laser Technologies Co., Ltd.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Growing Importance of Precision Manufacturing & Engineering, the Foundation for the Growth of Laser Processing Technologies
- Technology Innovations to Expand Application Possibilities
- Medical Sector Offers Strong Growth Opportunities Driven by Surging Demand for Miniaturization
- Photovoltaic Modules Opens New Opportunities
- Additive Manufacturing Growth Spurs Growth Opportunities for Laser Processing Market
- Rising Adoption of Laser-Based Manufacturing in Auto Industry: An Opportunity for Laser Processing Market
- The Trend towards Electromobility Amplifies Demand for Laser processing
- Demand in Automotive Sector Led by Advancements in Fiber Laser
- Product Traceability Drives Demand for Laser Marking in Automobile Industry
- Laser Processing Gains Traction in Electronics and MEMS Devices Manufacturing
- Healthy Trajectory in Smartphones & Tablet PC Markets Drives Demand for Lasers in Microprocessing Applications
- Wearables: The New Growth Area for Laser Processing in MEMS Applications
- Laser Integration in Traditional Machine Tools Increase Tool Versatility
- Semiconductors Industry Emerges as a Major End-Use Market for Laser Processing
- UV Lasers Enable Superior Printed Circuit Board Processing
- Textile Industry Provides Lucrative Opportunities for Laser Systems
- Government Regulations for Labelling of Consumer Goods to Drive Adoption
- Green Laser Devices: An Emerging Growth Market
- Fiber Lasers: One of the Most Disruptive Laser Technologies
- Laser Cutting Market: Poised for Growth
- Ultrashort Pulse Lasers Poised for High Adoption in Material Processing Applications
- Laser Beam Shaping: Essential for Microdrilling using Ultrashort Pulse Lasers
- Ultrafast Laser Micromachining: A Vital Tool in Modern Microfabrication
- Technological Advancements in Laser Processing to Boost Growth
- Hybrid Technology: A Major Advancement
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
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